Funding arb · Price arb /

SUI

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 05:00 UTC−0.0316%/8h= −34.6% APRpaid last 24h −0.049%

Price spread now: Gate against Phoenix−0.296%77s7-day average −0.123% · you buy dearer than you sell

Net, funding: paid 7d − costs−$60as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$510.508% of the position

Long on Phoenix Short on Gate

What this pair did over the last

the charts below follow

Funding, last 7 days−0.091%−$9 on $10k

Price spread, last 4 days (all we have)+0.110%+$11 · spread now −0.296%, 7d avg −0.123%

Together, before fees+0.019%+$2 on $10k · with fees, hour by hour

Both sides work against this trade now: funding costs −$9 a day on $10k at the current rate, and Gate is 0.174% cheaper against Phoenix than usual: you would sell low and buy high (−$17 if the spread goes back to its 7-day average of −0.123%). Swap the legs. The two prices were read 77 seconds apart, so part of this spread may be the market moving, not a spread.

The current funding rate is far above what this pair has been paying: over the last 7 days it paid -0.091% in total (about -4.7% a year). A funding rate is set anew for every payment. In the chart: green and red are payments made, yellow is the current rate, not paid yet.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Phoenix SUI	1.0224	0.0416	pay 0.0052% / 1h	0m 10s	$202K	$422K	10x
Short	Gate SUI_USDT	1.0194	0.0100	get 0.0100% / 8h	2h 00m	$168.3M	$86.2M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Gate against Phoenix. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee PhoenixbpFee GatebpOrdersPrice spread, now −0.296%Rate

Funding earned: −$66.3
Price spread: −0.296% → −0.123%: −$17.37
Slippage, 4 orders: −$28.77
Fee Phoenix: 3.5 bp × 2 orders: −$7
Fee Gate: 7.5 bp × 2 orders: −$15
Net: −$134.43
Costs to cover: 0.508%
Break-even: never at this rate

Slippage from Phoenix: live order book, 47 min ago; Gate: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Phoenix live order book, 47 min ago	0.98 bp	12.3 bp −$12	50.8 bp −$508	doesn't fit	doesn't fit
Sell Gate live order book, 4 min ago	0.98 bp	12.3 bp −$12	23.0 bp −$230	53.0 bp −$5,303	97.3 bp −$48.6K

SUI on 46 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Injective SUI/USDC PERP	−0.3309%	1h	1.0018	−2.018%	$41K	$123K	12x	as long as short
Reya SUIRUSDPERP	−0.0379%	1h	1.0200	−0.234%	$4K	$3K	20x	as long as short
Hibachi SUI/USDT-P	−0.0184%	1h	1.0203	−0.210%	$5K	$19K	7x	as long as short
Bluefin SUI-PERP	0.0000%	1h	1.0190	−0.335%	$585K	$430K	25x	as long as short
dYdX SUI-USD	0.0000%	1h	1.0207	−0.169%	$96K	$294K	10x	as long as short
Kalshi KXSUIPERP	0.0000%	8h	1.0211	−0.132%	$379K	$5.1M	2.5x	as long as short
Deribit SUI_USDC-PERPETUAL	0.0000%	1h	1.0206	−0.179%	$196K	$564K	25x	as long as short
gTrade (Gains Network) SUI/USD	L +0.0003% / S −0.0003%	1h	1.0202	−0.220%	$115K	—	150x	as long as short
Lighter SUI	+0.0096%	1h	1.0203	−0.208%	$788K	$5.5M	10x	as long as short
Lighter RH SUI	+0.0096%	1h	1.0205	−0.186%	$298K	$2.2M	10x	as long as short

Show all 46 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Popdex SUIUSDT	+0.0096%	1h	1.0205	−0.189%	$33K	$548K	50x	as long as short
Orderly PERP_SUI_USDC	+0.0100%	8h	1.0203	−0.208%	$47K	$221K	20x	as long as short
Paradex SUI-USD-PERP	+0.0100%	8h	1.0204	−0.194%	$27K	$9K	30x	as long as short
Nado SUI-PERP	+0.0100%	1h	1.0203	−0.203%	$541K	$2.1M	10x	as long as short
Aster SUIUSDT	+0.0100%	8h	1.0206	−0.183%	$901K	$4.3M	75x	as long as short
Pacifica SUI	+0.0100%	1h	1.0212	−0.116%	$221K	$257K	10x	as long as short
Binance SUIUSDT	+0.0100%	8h	1.0201	−0.228%	$146.5M	$1.05B	75x	as long as short
Bybit SUIUSDT	+0.0100%	8h	1.0198	−0.257%	$100.1M	$321.6M	50x	as long as short
OKX SUI-USDT-SWAP	+0.0100%	8h	1.0193	−0.306%	$40.9M	$392.0M	50x	as long as short
Arcus SUI-USD	+0.0100%	1h	1.0200	−0.238%	$43K	$329K	10x	as long as short
Bulk SUI-USD	+0.0100%	1h	1.0208	−0.164%	$240K	$2K	10x	as long as short
Gate SUI_USDTshort	+0.0100%	8h	1.0194	−0.296%	$168.3M	$86.2M	50x
MEXC SUI_USDT	+0.0100%	8h	1.0197	−0.267%	$152.0M	$295.5M	300x	as long as short
KuCoin SUIUSDTM	+0.0100%	8h	1.0203	−0.208%	$49.8M	$53.6M	75x	as long as short
Bitget SUIUSDT	+0.0100%	8h	1.0191	−0.326%	$67.3M	$178.3M	75x	as long as short
BingX SUI-USDT	+0.0100%	8h	1.0194	−0.296%	—	$84.8M	—	as long as short
Backpack SUI_USDC_PERP	+0.0100%	1h	1.0196	−0.277%	$671K	$1.4M	20x	as long as short
Variational Omni SUI	+0.0100%	8h	1.0214	−0.105%	$2.4M	$3.5M	—	as long as short
edgeX SUIUSDC	+0.0100%	4h	1.0210	−0.141%	$165K	$4.6M	20x	as long as short
GRVT SUI_USDT_Perp	+0.0100%	8h	1.0208	−0.159%	$442K	$7.6M	10x	as long as short
ApeX Omni SUIUSDT	+0.0100%	1h	1.0213	−0.111%	$224K	$424K	50x	as long as short
Polymarket Perps SUI-USD	+0.0100%	1h	1.0208	−0.159%	$131K	$654K	10x	as long as short
SunX SUI-USDT	+0.0100%	8h	1.0218	−0.062%	$3K	$1.7M	30x	as long as short
SoDEX SUI-USD	+0.0100%	1h	1.0204	−0.199%	$7K	$1.9M	10x	as long as short
HTX SUI-USDT	+0.0100%	8h	1.0202	−0.218%	$623K	$19.4M	75x	as long as short
Phemex SUIUSDT	+0.0100%	8h	1.0206	−0.179%	$11.7M	$27.9M	50x	as long as short
Extended SUI-USD	+0.0104%	1h	1.0199	−0.248%	$1.4M	$4.1M	50x	as long as short
Aevo SUI-PERP	+0.0104%	1h	1.0203	−0.206%	$39K	$11K	3x	as long as short
01 Exchange SUIUSD	+0.0152%	1h	1.0208	−0.159%	$9K	$3K	10x	as long as short
Kraken Futures PF_SUIUSD	+0.0172%	1h	1.0207	−0.167%	$6.8M	$25.0M	50x	as long as short
BloFin SUI-USDT	+0.0220%	8h	1.0218	−0.062%	$7.6M	$24.9M	100x	as long as short
Coinbase International SUI-PERP-INTX	+0.0248%	1h	1.0233	+0.085%	$1.0M	$15.1M	50x	as long as short
Hyperliquid SUI	+0.0389%	1h	1.0211	−0.130%	$74.5M	$83.8M	10x	as long as short
Phoenix SUIlong	+0.0416%	1h	1.0224	long leg	$202K	$422K	10x
GMX SUI/USD [ETH-USDC]	L +0.0602% / S −0.0263%	1h	1.0202	−0.222%	$938K	—	100x	as long as short
Aftermath Perps SUIUSD	+0.1389%	1h	1.0215	−0.094%	$83K	$409K	10x	as long as short